FxWirePro:Nikkei225 faces trong resistance at 200 day MA,good to sell on rallies
Major support - 16400 (daily Kijun-Sen). Nikkei225 has once again recovered after making a low of 16442 yesterday. It is currently trading around 16562. The index is facing major support at 16414 (daily Kijun-Sen) and an…
Nikkei225 has once again recovered after making a low of 16442 yesterday. It is currently trading around 16562.
The index is facing major support at 16414 (daily Kijun-Sen) and any break below will drag the index till 16200/16035. It should break below 15800 (cloud bottom) further weakness.Any violation below 15800 will drag the index to next immediate support 15500/15300.
Short term trend is slightly bearish as long as the index not able to close above psychological resistance 17000.
On the higher side, any break above minor resistance 16650 will take the index to next level 16800/17000 (200 day MA)/17260 (161.8% retracement of 16935 and 16408). Extreme bullishness can be seen if the index closes above 17000 (200 day MA).
It is good to sell on rallies around 16650-700 with SL 17000 for the TP of 16400/16200/16000.
